7. Tax exemption for Senior citizens: One who has completed the age of 60 years during the previous year or in a year prior to that is considered as a senior citizen and the one who has completed the age of 80 years during the previous year or in a year prior to that is considered as a super senior citizen according to the Income tax act. A person whose age is 60 years or more until previous year and who has an income of 2.5 lakh per annum are eligible for tax exemption. They also receive higher interest rates on a 5-year deposit which is also eligible for tax deduction under Section 80C. Also, senior citizens who are above the age of 80 years are entitled to higher exemption Limit of 5,00,000.

8. No more deductions under Section 80CCF: Investments made in infrastructure will no longer be allowed as deduction from the total income under Section 80CCF that means the additional deduction of 20000 is discontinued from next fiscal. Until last year tax payers were allowed to invest up to 20,000 in infrastructure bonds. However from this year, now you can focus more on the Rajiv Gandhi Equity Savings scheme as a tax savings measure.

9. Pay your advance tax before March 15th: In order to avoid any interest on your due tax payments under Section 234B and 234C try to pay them before March 15th. All the senior citizens who do not have any income from business or profession are exempted from payment of advance tax. This makes agreement easier for senior citizens as they only have to work out their tax liability at the time of filing the income tax return and pay the self assessment tax.

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